FICA (Federal Insurance Contributions Act) is a federal law that requires employers to withhold three taxes from their employees’ wages: 6.2% Social Security tax, 1.45% Medicare tax, and 0.9% for anyone who earns more than $200,000. In addition to FICA taxes, you must also cover unemployment taxes and workers’ compensation. If you’re looking for affordable…
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2018 FUTA Tax Rate & Form 940 Instructions
The Federal Unemployment Tax Act (FUTA) requires employers to pay a tax of 6% on the first $7,000 of salary or wages paid to each employee during the year. This FUTA tax is deposited with the IRS throughout the year. Employers file Form 940 to calculate their FUTA tax for the previous calendar year. How…
Form 941 Instructions & FICA Tax Rate 2019 [+ Mailing Address]
Form 941 is a quarterly tax form that tracks FICA tax payments made by employers throughout the year. FICA taxes include Social Security and Medicare taxes with employer rates of 6.2% and 1.45%, respectively. FICA taxes are typically due monthly or semiweekly, and Form 941 is due quarterly. You can download Form 941 here. However,…
Sole Proprietorship Taxes: Rates, Deadlines, Benefits & Forms
The IRS treats the owner of a sole proprietorship and the business as a single entity. Instead of paying a 21% corporate tax rate, your sole proprietorship tax rate is based on your personal income tax bracket. Sole props file an annual tax return on April 15 but may be subject to other tax filings….
Top 27 Business Tax Saving Tips from the Pros
Taxes are an important aspect of running a business. You need to be aware which taxes to pay and when they are due. It can be overwhelming, but planning ahead can help you file on time and claim the right deductions. Here experts share the most effective business tax saving tips you can try. Below…
Maximize Your Tax Refund in 4 Easy Steps
Business tax deductions and credits will help you lower your tax bill. You might be familiar with the most common tax deductions, like wages paid to employees, business meals and advertising costs. However, you may not be as familiar with deductions for your home office, automobile and interest paid on business loans and credit cards….
Deducting Travel & Entertainment Expenses: The Ultimate Guide
Most people know that travel and entertainment expenses are deductible, but don’t understand all of the rules and regulations around it. In general, you can write off 100% of all business-related travel expenses and 50% of all business-related entertainment expenses. In order to deduct the expenses, they must meet specific requirements set by the IRS….
Find Your State Tax Website
If you’re opening a store, one of your first steps will be to register with the relevant state tax agency. They will help you find out exactly what taxes you are required to charge, based on your type of business and your inventory. Using a POS such as will enable you to charge customers taxes…